Multifamily Rents Keep Rising in April, Says Yardi Matrix

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Santa Barbara, Calif.—Some observers expected rent growth to moderate in 2016 after two years of above-trend increases. That hasn’t happened yet. The average national apartment rental rate rose $13 in April to $1,194, the fourth consecutive all-time high, according to Matrix Monthly, a market report compiled

Santa Barbara, Calif.—Some observers expected rent growth to moderate in 2016 after two years of above-trend increases. That hasn’t happened yet. The average national apartment rental rate rose $13 in April to $1,194, the fourth consecutive all-time high, according to Matrix Monthly, a market report compiled by Yardi® Matrix.

The top five metros for rent growth in April were Sacramento, Calif.; Seattle; Portland, Ore.; Las Vegas; and Boston.

Factors supporting the steady rent growth include traditional spring rent growth, high occupancies in most metros, a growing number of millennials and older Americans renting, and strong jobs growth.

Yardi Matrix is a business development tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily sector. Email matrix@yardi.com, call 480-663-1149 or visit www.yardimatrix.com to learn more.